REG-4basebio Plc: Half-year Report
30/09/2021 07:05
4basebio PLC
("4basebio", the "Company" or the “Group”)
Half-yearly for the six months ended 30 June 2021
4basebio PLC (AIM: 4BB) (formerly 4basebio UK Societas), the specialist life
sciences group focused on exploiting intellectual property in the field of
cell and gene therapies and DNA vaccines, announces its unaudited half-yearly
results for the six months ended 30 June 2021.
Operational Highlights (including post period end)
* Conversion to PLC status following approval at the Annual General Meeting
* DNA manufacturing facility expected to be completed by year end
* Positive validation studies on use of 4basebio synthetic DNA versus plasmid
DNA
* Multiple patent filings across DNA synthesis and nanoparticle delivery
technology
* Evaluation and collaboration licence agreements signed with Royal Holloway
Financial Highlights
* Cash balances of £12.1 million at period end
* Cash runway into 2023 before calling on available debt facility
* Loss for the period of £1.7 million (H1 2020 loss: £0.38 million)
* Net cash outflow from operating activities of £1.7 million (H1 2020:
£0.51 million )
Commenting on the interim results, Dr. Heikki Lanckriet, CEO and CSO, said
“We are extremely pleased with the progress achieved during the first half
of 2021. In particular, we are increasingly confident that during the course
of 2022 we will be able to manufacture meaningful quantities of DNA for
resale. Initially this will be for research and pre-clinical purposes while
we look to secure GMP approvals for our manufacturing suites. We are also
very pleased to confirm that as expected, we intend to be completing those
manufacturing suites by the end of 2021.
As we move towards manufacturing capacity, our aim is to work with prospective
customers to highlight the benefits of our technologies. We remain very
positive about the commercial prospects of both our synthetic DNA and
non-viral vector technology across a range of applications.”
For further enquiries, please contact:
4basebio PLC +44 (0)12 2396 7943
Heikki Lanckriet, CEO and CSO
Cairn Financial Advisers LLP (Nominated Adviser ) +44 (0)20 7213 0880
Jo Turner / Sandy Jamieson
finnCap Ltd (Broker)
Geoff Nash/Richard Chambers/Charlotte Sutcliffe +44 (0)20 7220 0500
Notes to Editors
4basebio (AIM: 4BB) is a specialist life sciences group focused on therapeutic
DNA for cell and gene therapies and DNA vaccines and providing solutions for
effective and safe delivery of these DNA based products to patients. It is the
intention of the Company to become a market leader in the manufacture and
supply of high purity, synthetic DNA for research, therapeutic and
pharmacological use and develop non-viral vectors for the efficient delivery
of payloads. The immediate objectives of 4bb are to validate and scale its DNA
synthesis and advance its collaborations to facilitate the functional
validation of its DNA based products and cell and gene delivery solutions.
Chairman’s Statement
Introduction
Following shareholder approval of the Annual General Meeting held on 30 June
2021, the Company subsequently completed its conversion to a PLC from a UK
Societas upon its registration at Companies House on 20 July 2021.
The Board is pleased to report that 4basebio continues to make good progress
during the first half of the year in validating and commercialising 4basebio
DNA and nanoparticle delivery technology. The Group has established strong
R&D groups in both the UK and Spain which have been able to focus on improving
and scaling processes surrounding its synthetic DNA manufacture as well as
also strengthening its intellectual property, with patent filings across its
portfolio.
4basebio has also made excellent progress in validating its DNA, being able to
demonstrate strong performance of its synthetic DNA in comparison with plasmid
DNA through a number of programmes.
Also as previously noted, it remains our intention to have DNA manufacturing
in place by the end of 2021 with a view to commencing sale of DNA during
2022. We remain firmly on track to achieve these objectives. We also
continue to explore further commercial applications for our DNA and
nanoparticles as outlined below.
Operational Review
As we reported in our 2020 Annual Report, the Group remains pre-revenue and it
is focussed on the development of its DNA synthesis and non-viral vector
technology. Both technologies have broad application in gene and cell
therapy as well as vaccines. We see particular opportunities opening up in
AAVs (adeno-associated viral vectors) for gene therapy and in-vitro
transcription (IVT) for the production of mRNA vaccines.
With the objective of reaching commercial DNA manufacturing as swiftly as
possible, the decision was made during H1 to develop both AAV and mRNA
research laboratories within our Cambridge facility for the purpose of
optimising DNA constructs for use in these applications. Both labs are now
operational with recruitment ongoing and with the near-term objective of being
able to place our DNA products into the hands of prospective customers for
testing within their own AAV and mRNA systems.
During the second half of 2021 the product and technology application focus is
expanding to include gene editing and cell therapy based applications with the
recruitment of relevant expertise underway.
Alongside the focus on construct optimisation and application research, there
is continued development work on the upscaling of DNA production for
commercial sale. With this objective central in our thinking, we have
commenced work on our pilot 4,400 square foot clean room installation; and we
expect this to be complete by the end of 2021. This will provide for seven
DNA synthesis suites. The facility will then undergo testing and validation
with a view to becoming operational during Q1 2022 and with the intention of
manufacturing research and pre-clinical grade DNA while working to secure GMP
accreditation during the remainder of 2022.
The earmarked capital commitment for this project is about £1.5 million. When
fully operational, the theoretical production capacity of this facility, at
prevailing market prices is expected to exceed £25 million per annum.
Following consideration of the overall resource requirements for the DNA and
nanoparticle sides of the business, it has been decided to expand research
laboratory space within the existing Cambridge facility. As a result, the
clean room installation will be located in a separate facility also near
Cambridge and four miles from head office. (The Company has secured a lease
over this site for a period of 15 years, with suitable break clauses.) The
manufacturing suites and associated quality management systems will be
operated by a dedicated team, which will work independently in this standalone
production facility.
A key consideration in executing on our strategy is the ability to recruit
appropriately skilled team members. The Group is competing for candidates in
a rapidly growing market segment but despite these challenges, 4basebio has
continued growing its teams, with Group headcount expected to be about 35-40
FTEs by year end.
Alongside these developments, the Group continues to file patent applications
relating to further innovation around hpDNA™, osDNA™ and Hermes™
nanoparticles. We have filed our first two applications protecting the use
of Hermes™ nanoparticles for specific applications as well as additional
filings protecting hpDNA™ and osDNA™ manufacturing processes and uses.
We believe continued investment in intellectual property is a cornerstone of
enhancing the value of the Group’s technology.
As noted earlier, 4basebio also continues to progress its collaboration
projects including its project with Royal Holloway focussed on Duchenne
muscular dystrophy, with 4basebio screening for an optimised delivery
vector. Whilst the overall project is expected to run for two years; we
are pleased to note that certain aspects are progressing more quickly than
originally planned. In particular, 4basebio has made very good progress in
in-vitro models in identifying nanoparticles with strong affinity for muscle
cells; and we are now progressing to in-vivo models to validate and optimise
these particles.
Coronavirus
The impact of COVID-19 on operations has been very modest. The Group
continues to adhere to local COVID protocols in the UK and Spain.
Business outlook
The Group expects to continue investing in its technologies and team members
during 2021 and 2022. Modest non-core revenues are expected at levels
consistent with previous periods; ongoing expenditure will continue to be much
greater than revenues, with the Group consequently recording a loss for the
year. This is as previously indicated.
During the latter half of the year, 4basebio expects to make several further
patent filings and continue with its range of research and development
projects, both internally and with collaborators. The Group also expects to
have concluded the physical build out of its clean rooms by the end of 2021,
with GMP certification being sought during the course of 2022.
Financial Review
Comparative information
As explained in note 2 to the interim results, the prior period comparatives
for the period ended 30 June 2020 reflect solely the financial performance
and position of 4basebio S.L.U. The results for period ended 31 December
2020 include 4basebio PLC and 4basebio S.L.U. for the whole year and 4basebio
PLC’s UK subsidiaries from the date of the spin out, 8 December 2020. The
consolidated balance sheet as at 31 December 2020 includes 4basebio PLC and
all subsidiary companies.
The results for the period ended 30 June 2021 and the consolidated balance
sheet at that date reflect the consolidated performance and position of
4basebio PLC and all its subsidiary companies
Revenue
Revenue in the first six months of 2021 (“H1 2021”) was £0.18 million (H1
2020: £0.16 million ). Consistent with previous periods, this reflects
legacy revenue streams including kits sales and licence income.
Cost of sales
Cost of sales in H1 2021 was £38k (H1 2020: £86k). As noted in the 2020
Annual Report, cost of sales reflects primarily the amortisation on previously
capitalised intangible assets linked to kit sales.
Selling and administration expenses
Selling, general and administrative expenses were a combined £1.2 million in
H1 2021 (H1 2020: £0.24 million ). Prior period expenses reflect the
expenditure in 4basebio S.L.U. only, while the current period includes the now
significantly larger UK operations.
Research and development
Overall research and development expenditure for H1 2021 was £0.86 million
(H1 2020: £0.28 million ), of which £0.23 million was capitalised in the
period (H1 2020: £0.14 million ). Overall expenditure increased due to the
expansion of the UK team which commenced late 2020 and remains ongoing.
Capitalised expenditure relates to platform research undertaken in Spain.
Tax
Tax represents R&D tax credits expected to be recovered in relation to
expenditure during the first half of the year.
Balance sheet
Non-current assets increased to £2.5 million at 30 June 2021 from £2.3
million at 31 December 2020; this related to fixed asset additions in the
UK. Current assets fell to £12.8 million at 30 June 2021 from £15.5
million at 31 December 2020, due primarily to cash outflows during the first
half of 2021. As a result, closing cash balances at 30 June 2021 stood at
£12.1 million (31 December 2020: £15 million).
Current liabilities decreased to £0.64 million at 30 June 2021 from £0.83
million at 31 December 2020 due to the repayment of softloans in the first
part of the year. Long term financial liabilities reduced due to
reclassification of softloans from long term to short term liabilities. As a
result, overall long term liabilities stood at £1.3 million as at 30 June
2021 (31 December 2020: £1.5 million). Other long term liabilities represent
deferred grant income in Spain.
Share Capital at both 30 June 2021 and 31 December 2020 reflects the capital
contributions arising from the spin out process as explained in the Annual
Report for 2020 and note 2 to the interim results.
Cash flow
Net cash outflows from operations were £1.7 million for the six months ended
30 June 2021 (period ended 30 June 2020: outflow of £0.53 million ). This
reflects the step change in operations between the periods as presented in the
profit and loss account; in particular the upscaling of UK operations.
Operating cash outflows for the current period also include £360 thousand
relating to the AIM listing in February 2021.
Cash outflows from investing reflect planned investments in capital
expenditure across the group and capitalised development expenditure in
4basebio S.L.U..
Cashflows from financing for the period ended 30 June 2021 reflect Spanish
softloan repayments, while the prior period shows net cash inflows from the
then parent 4basebio AG (now 2Invest AG). The large cash inflow for the year
ended 31 December 2020 reflects the spin out process accounting as explained
in the 2020 Annual Report.
Exchange differences for the period represent changes in the British pound
value of cash balances held in foreign currency, almost entirely euro
denominated.
Tim McCarthy
Chairman
30 September 2021
Consolidated statement of profit or loss and other comprehensive income
for the six months ended 30 June 2021
[in £‘000] Note Six months ended 30 June 2021 (unaudited) (note 2) Six months ended 30 June 2020 (unaudited) (note 2) Year ended 31 December 2020 (audited) (note 2)
Revenues 4 179 159 462
Cost of goods sold (38) (86) (188)
Gross profit 141 73 274
Sales and marketing expenses (81) (79) (141)
Administration expenses (1,155) (163) (516)
Research and non-capitalised development expenses (633) (138) (343)
Other operating expenses (103) (78) (1)
Other operating income 15 15 105
Loss from operations (1,816) (370) (622)
Finance expense (31) (11) (94)
Loss before tax (1,847) (381) (716)
Income tax credit / expense 5 197 - (3)
Loss for the period (1,650) (381) (719)
Loss per share 6
* Diluted and Undiluted (in £/share) (0.13) (0.05) (0.08)
Items that may be reclassified to the income statement in subsequent periods
Exchange rate adjustments (393) (11) 162
Total comprehensive income (2,043) (392) (557)
All of the loss for each period is from continuing operations.
Consolidated statement of financial position
30 June 2021
[in £’000] Note 30 June 2021 (unaudited) (note 2) 31 December 2020 (audited) (note 2)
Assets
Intangible assets 7 937 785
Property, plant and equipment 8 1,501 1,478
Other non-current assets 32 34
Non-current assets 2,470 2,297
Inventories 101 131
Trade receivables 120 39
Other current assets 551 341
Cash and cash equivalents 9 12,064 15,001
Current assets 12,836 15,512
Total assets 15,306 17,809
Liabilities
Financial liabilities (223) (416)
Trade payables (150) (96)
Other current liabilities (241) (301)
Current liabilities (614) (813)
Financial liabilities (1,051) (1,301)
Other liabilities (226) (237)
Non-current liabilities (1,277) (1,538)
Total liabilities (1,891) (2,351)
Net assets 13,415 15,458
Share capital 11,130 11,130
Share premium 706 706
Merger reserve 688 688
Capital reserve 13,099 13,099
Foreign exchange reserve (218) 175
Share based payments reserve (35) -
Profit and loss reserve (11,955) (10,340)
Total Equity 10 13,415 15,458
Consolidated statement of changes in equity
for the six months ended 30 June 2021
[in £‘000] Share capital Share premium Merger reserve Capital reserve Foreign exchange Share based payments Profit and loss reserve Total equity
Balance at 1 January 2020 (audited) 6,362 - - 1,356 13 - (9,621) (1,890)
Capital contributions from 4basebio AG (now 2Invest AG) - - - 11,743 - - - 11,743
Combination accounting (6,258) - 688 - - - - (5,570)
Loss after income tax - - - - - - (719) (719)
Shares issued for cash 3,209 706 - - - - - 3,915
Foreign Exchange difference arising on translation of 4basebio S.L.U. - - - - 162 - - 162
Shares issued to acquire subsidiaries 7,817 - - - - - - 7,817
Balance at 31 December 2020 (audited) 11,130 706 688 13,099 175 - (10,340) 15,458
[in £‘000] Share capital Share premium Merger reserve Capital reserve Foreign exchange Share based payments Profit and loss reserve Total equity
Balance at 1 January 2021 (audited) 11,130 706 688 13,099 175 - (10,340) 15,458
Loss after income tax and total comprehensive income for the period - - - - - - (1,650) (1,650)
Share option charge - - (35) 35 -
Foreign Exchange difference arising on translation of 4basebio S.L.U. - - - - (393) - - (393)
Balance at 30 June 2021 (unaudited) 11,130 706 688` 13,099 (218) (35) (11,955) 13,415
Consolidated statement of cash flows
for the six months ended 30 June 2021
[in £’000] 30 June 2021 (unaudited) (note 2) 30 June 2020 (unaudited) (note 2) 31 December 2020 (audited) (note 2)
Net loss for the period (1,650) (381) (719)
Adjustments to reconcile net loss for the period to net cashflows
Income taxes (197) - 3
Interest charge 31 3 94
Depreciation of property, plant and equipment 106 30 83
Amortisation and impairment of intangible assets 41 87 194
Other non-cash items 52 12 25
Working capital changes:
Trade receivables and other current assets (99) (34) 91
Trade payables and other current liabilities 24 (138) (876)
Inventories 26 (92) (24)
Tax receipt - - 107
Net Cash flows from operating activities (1,666) (513) (1,022)
Investments in property, plant and equipment and intangible assets (141) (126) (351)
Investments in capitalised development (231) (142) (498)
Cash acquired with 4basebio Limited (now 4basebio UK Limited) - - 2,295
Cash flows from investing activities (372) (268) 1,446
Cash in(out)flow due to changes in financing (337) 1,244 (1,024)
Capital contributions by way of cash - - 15,626
Interest paid (31) (3) (116)
IFRS16 leases (64) (18) (59)
Cash flows from financing activities (432) 1,223 14,427
Net change in cash and cash equivalents (2,470) 442 14,851
Exchange differences (467) 22 70
Cash and cash equivalents at the beginning of the period 15,001 80 80
Cash and cash equivalents at the end of the period 12,064 544 15,001
Notes to the financial statements
For the six months ended 30 June 2021
1.General information
4basebio PLC, formerly known as 4basebio UK Societas, is registered in England
and Wales as a public limited company since 20 July 2021. Prior to that date
it was registered as a United Kingdom Societas under the name 4basebio UK
Societas. The conversion to a public limited company occurred following
shareholder approval of the conversion at its Annual General Meeting held on
30 June 2021. With the conversion, the name of the Company changed to
4basebio PLC.
The Company is domiciled in England and the registered office of the Company
is 25 Norman Way, Over, Cambridge, CB24 5QE. 4basebio PLC is the parent of a
group of companies. The group structure remains the same as that shown in
the Company’s financial statements for the year ended 31 December 2020.
The Group focusses on life sciences and in particular the development of
synthetic DNA and nanoparticles suitable for inclusion in, or delivery of,
therapeutic payloads for cell or gene therapies and gene vaccines.
The interim report was approved by the board of directors on 29 September
2021.
The Company trades on London Stock Exchange’s AIM market, having been
admitted on 17 February 2021. The international securities number (ISIN)
number for its AIM traded shares changed on 29 July 2021 to GB00BLD8ZL39
reflecting the conversion to a PLC; its ticker symbol is 4bb.l.
2.Significant accounting policies
Basis of preparation
As set out in the Company’s annual report and financial statements for the
year ended 31 December 2020, the directors considered the circumstances giving
rise to the formation of the Group and relevant guidance in IFRS 3.B13 to IFRS
3.B17, and concluded that the combination, on 8 December 2020, in which the
Company issued 8,622,231 shares to the shareholders of its former parent
entity as consideration for the spin-off assets comprising shareholdings in
4basebio S.L.U. and 4basebio Limited (now 4basebio U.K. Limited), should be
treated as a continuation of 4basebio S.L.U. at historic book values for the
purposes of the Company’s statutory financial statements.
Therefore, this consolidated interim financial information for the six months
ended 30 June 2021 is in substance the continuation of the financial
information of 4basebio S.L.U. The consolidated financial information for the
six months ended 30 June 2021 comprises the results of 4basebio S.L.U.,
4basebio UK Limited, 4basebio Discovery Limited and 4basebio PLC for the full
period presented. The financial information for the comparative period ended
30 June 2020 precedes the date of the combination and, consequently, reflects
the results and position of 4basebio S.L.U. This financial information does
not constitute statutory accounts but has been prepared under IFRS and in
accordance with the group accounting policies disclosed in the Company’s
statutory financial statements for the year ended 31 December 2020, as well as
the share based payments accounting policy described below.
Share based payments
Where share options are awarded to employees, the fair value of the options at
the date of grant is charged to the Statement of Comprehensive Income over the
vesting period. The fair value is measured at the date of grant and spread
over the period during which the employees become unconditionally entitled to
the options. The fair value of options granted under the share option schemes
is measured using a probability adjusted Black Scholes model. Non-market
vesting conditions are taken into account by adjusting the number of equity
instruments expected to vest at each reporting date so that, ultimately, the
cumulative amount recognised over the vesting period is based on the number of
options that eventually vest. The estimated probability of market vesting
conditions is factored into the fair value of the options granted. Where the
terms and conditions of options are modified before they vest, the increase in
the fair value of the options, measured immediately before and after the
modification, is also charged to the Statement of Comprehensive Income over
the remaining vesting period.
Significant judgments
The significant judgments made in relation to the financial statements are
further set out below.
Going concern
The directors have, at the time of approving the interim report, a reasonable
expectation that the Group has adequate resources to continue in operational
existence for the foreseeable future. Thus, they continue to adopt the going
concern basis of accounting in preparing the financial statements.
Internally?generated intangible assets – research and development
expenditure
Development expenditure is capitalised when the conditions referred to in Note
2 of the Company's 2020 annual report are met. Estimates and underlying
assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised if the
revision affects only that period or in the period of the revision and future
periods if the revision affects both current and future periods.
3.Foreign currencies
The functional currency of the Group is British Pounds.
The principal currency rate of the Group other than the British Pounds is the
euro which has developed as follows in relation to the equivalent of one pound
(GBP/£):
[in GBP] Closing exchange rate Average exchange rate
30.06.2021 31.12.2020 Six months ended 30.06.2021 Six months ended 30.06.2020 Year ended 31.12.2020
Euro 0.8581 0.9089 0.8678 0.8740 0.8895
4.Revenues
Revenue by type [in £’000] Six months ended 30.06.2021 Six months ended 30.06.2020 Year ended 31.12.2020
Revenue from sales of kits and other products 168 137 428
Revenue from licences and royalties 11 22 34
Total revenue 179 159 462
Geographic markets [in £‘000] Six months ended 30.06.2021 Six months ended 30.06.2020 Year ended 31.12.2020
Europe 59 74 115
USA 120 85 347
Total revenue 179 159 462
5.Income taxes
The Group anticipates claiming R&D tax credits in both the UK and Spain in
relation to the year ended 31 December 2021. The quantum of such claims for
the first half of the year is estimated at £197 thousand.
The tax loss carry forwards for which no deferred tax assets were recognised
across the Group amounted to approximately £10.8 million (31 December 2020:
£10.0 million).
6.Loss per share
Six months ended 30.06.2021 Six months ended 30.06.2020 Year ended 31.12.2020
Numerator [in £‘000]
Result for the period (1,650) (381) (719)
Denominator [number of shares]
Weighted average number of registered shares in circulation (ordinary shares) for calculating the undiluted earnings per share 12,317,473 7,488,854 9,197,913
Diluted and Undiluted earnings per share (0.13) (0.05) (0.08)
7.Intangible assets
[in £‘000] Development costs Licences Total
Cost or acquisition value
01.01.2020 1,434 86 1,520
Additions 463 35 498
Disposals - - -
Exchange differences 90 7 97
31.12.2020 1,987 128 2,115
01.01.2021 1,987 128 2,115
Additions 227 4 231
Disposals - - -
Exchange differences (94) (8) (102)
31.12.2021 2,120 124 2,244
Cumulative amortisation and impairment
01.01.2020 1,052 18 1,070
Amortisation 188 6 194
Disposals - - -
Exchange differences 64 2 66
31.12.2020 1,304 26 1,330
01.01.2021 1,304 26 1,330
Amortisation 39 2 41
Disposals - - -
Exchange differences (63) (1) (64)
30.06.2021 1,280 27 1,307
Net book value
31.12.2020 683 102 785
30.06.2021 840 97 937
8.Property, plant and equipment
[in £‘000] Operating equipment Land and buildings Usage rights from leases Total
Cost or acquisition value
01.01.2020 243 - 75 318
Additions 187 - 163 350
Acquisition of subsidiary 152 997 - 1,149
Disposals - - (79) (79)
Exchange differences 16 - 6 22
31.12.2020 598 997 165 1,760
01.01.2021 598 997 165 1,760
Additions 141 - - 141
Disposals - - - -
Exchange differences (17) - (8) (25)
30.06.2021 721 997 158 1,876
Cumulative amortisation and impairment
01.01.2020 209 - 32 241
Depreciation 31 5 46 82
Disposals (3) - (51) (54)
Exchange differences 12 - 1 13
31.12.2021 249 5 28 282
01.01.2021 249 5 28 282
Depreciation 50 23 33 106
Disposals - - - -
Exchange differences (11) - (2) (13)
30.06.2021 288 28 59 375
Net book value
31.12.2020 349 992 137 1,478
30.06.2021 433 969 99 1,501
9.Cash and cash equivalents
[in £‘000] 30.06.2021 31.12.2020
Bank balances and cash in hand 12,064 15,001
Cash and cash equivalents 12,064 15,001
10.Equity
The share capital of 4basebio PLC as of 30 June 2021 and 31 December 2020
amounts to a total of €12,317,473 divided into 12,317,473. These are all
registered ordinary shares. There are no shares with special rights or other
restrictions on voting rights.
Share-based payments
During the period, 542,000 options to subscribe for shares in the Company were
granted to employees with an exercise price of £1.18 per share and a further
42,500 options to subscribe for shares in the Company were granted to
employees with an exercise price of £3.65 per share.
The options vest partially on grant and then periodically over four years,
subject to market and non-market facing performance conditions. A
share-based payments charge is recognised as an expense in the profit or loss
over the vesting period, taking account of the estimated number of shares that
will vest and the probability of achieving market facing vesting conditions.
The fair value of awards granted in the period was measured at the date of
grant using a probability adjusted Black–Scholes option pricing model.
Non-market vesting conditions are taken into account by adjusting the number
of equity instruments expected to vest at each reporting date so that,
ultimately, the cumulative amount recognised over the vesting period is based
on the number of options that eventually vest. The estimated probability of
market vesting conditions being met is factored into the fair value of the
options granted.
A share-based payments charge of £35,000 has been expensed in the period with
a corresponding amount recognised in equity based on fair values of between
£0.23 and £1.44 per option, as at the dates of grant.
11.Events after the reporting period
Conversion to public limited company
On 20 July 2021 the Company was formally converted from a UK Societas to a
public limited company, following the approval of shareholders at the Annual
General Meeting of 30 June 2021.
Copyright (c) 2021 PR Newswire Association,LLC. All Rights ReservedRecent news on 4Basebio
See all newsREG-4basebio Plc: Result of AGM
AnnouncementREG-4basebio Plc: Exercise of Options
AnnouncementREG-4basebio Plc: Holding(s) in Company
AnnouncementREG-4basebio Plc: Holding(s) in Company
AnnouncementREG-4basebio Plc: Final Results and Notice of AGM
Announcement